Is this being reported correctly?

[jahnny]

I had a First Premier chargeoff in 2012. I recently paid off the balance of $474. My CR's have been updated with a $0 balance. However, the monthly reporting goes like this

September 2012: OK

October 2012: OK

November 2012: OK

December 2012: 30 days late

January 2013: CO

February 2013: CO

March 2013 thru February 2014: OK

March 2014: CO (It was updated to $0 balance this month)

Under account status it states: Unpaid balance reported as a loss by credit grantor

I never made a payment on this account prior to last month. I had gotten this card and a CAP 1 card at around the same time, I used them once and then got seriously hurt on the job. I was not able to pay any of my bills except for rent for a long time due to the injury. I'm confused about how they are reporting this. Shouldn't October 2012 be 30 days late, November 2012 60 days late and december 90 days late? Also how was all those months OK and now they are reporting it as a chargeoff again? And isn't the account status wrong as well? 

Since paying off all of my debts and getting quite a few PFD's last month my credit scores have shot up from high 400's to around 620 accross the board... I'm just wondering if there's something wrong here that I can fix. If not, I've already started sending out GW's. 

I would like to thank all of you for the help. Without this board I would've been completely clueless instead of just a little clueless.

[RobertEG]

I am assuming from the post that the reporting for Dec was 90 late, not 30 late, based on the stattement that it was 30 late in Oct, 60 late in Nov, and then 90 late in Dec?

Regardless, reporting of 90-late in Dec does not require that they had previously reported a 30 or 60 late.  They can begin reporting of delinquency at any level.

Once they take a CO, it is a one-time event, and updating merely references that then took a prior CO, and if that is now the highest delinquency status, that it is also the current status.

Current status reflects no historical or prior status.  It is simply the snapshot of account status as of their last reporting.

If the account had a status of CO when paid, the current status would become paid.

Both the status prior to the currrent status and the fact of their having taken the prior CO are retained under separate codes, and remain in your CR.

It is not the reporting of a new CO, but merely repitition of the fact of having taken a prior CO, which never changes regardless of later status.

The statement that the "Unpaid balance reported as a loss by the creditor" is confusing.

It can only be interpreted properly as stating that the unpaid balance at the time they did the CO was charged to profit and loss by the creditor, NOT the current account balance, which is $0. 

If that is stated as the current status, it is clearly inaccurete.  It would only apply to the reported status at time of CO, which is no longer its current status.

[jahnny]

Thanks for the detailed explanation.